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(Q1) Recovery Extends

WTI TECHS
  • RES 4: $78.79 - 1.764 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $76.98 - High Jul 6 and the bull trigger
  • RES 1: $75.52 - High Jul 13
  • PRICE: $75.09 @ 07:03 BST Jul 14
  • SUP 1: $72.87/ 70.76 - 20-day EMA / Low Jul 8 and key support
  • SUP 2: $69.64 - 50-day EMA
  • SUP 3: $69.54 - Low Jun 17
  • SUP 4: $67.59 - Low Jun 2

Brent futures continue to climb and extend the bounce from $70.76, Jul 8 low. Attention turns to the recent high of $76.98 on Jul 6 that also marks the bull trigger. A break of this level would negate recent bearish concerns and confirm a resumption of the uptrend. On the downside, key short-term support has been defined at $70.76, Jul 8 low where a break is required to signal a top.

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